D-ESTATE: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
D-ESTATE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€108,280
2024 · €41,067+€67,213
Equity
€719,410
2024 · €611,130+€108,280
Cash
€21,905
2024 · €11,038+€10,867
Balance sheet total
€6.1m
2024 · €5.6m+€537,555
Largest movements
Assets
- Tangible fixed assets +€548,312
up €548,312 (+10.6%), from €5.2m to €5.7m
of which Land and buildings: +€549,346
Equity and liabilities
- Debts after one year +€130,032
up €130,032 (+12.1%), from €1.1m to €1.2m
- Tax, wage and social debts +€114,874
up €114,874 (+314.5%), from €36,520 to €151,394
of which Taxes: +€114,874
- Profit (loss) carried forward +€108,280
up €108,280 (+15.5%), from -€696,930 to -€588,650
- Other debts +€99,000
up €99,000 (+2.7%), from €3.6m to €3.7m
Income statement
- Depreciation -€52,333
down €52,333 (-23.0%), from €227,676 to €175,344
- Financial charges -€13,469
down €13,469 (-17.2%), from €78,259 to €64,790
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€41,067
Gross operating margin
+€2,368
Staff costs
-€678
Depreciation
+€52,333
Other operating charges
-€279
Financial charges
+€13,469
Result 2025
€108,280
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€556,296
Investment
-€723,656
Financing
+€178,226
Cash 2024
€11,038
From operations (derived)
+€556,296
Net result for the year
+€108,280
Depreciation
+€175,344
Receivables within one year
+€22,410
Deferred charges and accrued income
-€786
Trade debts
+€37,176
Tax, wage and social debts
+€114,874
Other debts
+€99,000
Investment (derived)
-€723,656
Investment in fixed assets (net)
-€723,656
Financing
+€178,226
Debts after one year
+€130,032
Current portion of long-term debt
+€48,194
Cash 2025
€21,905
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,577,262 | €6,114,817 | +€537,555 | +9.6% |
| Fixed assets | 21/28 | €5,206,805 | €5,755,117 | +€548,312 | +10.5% |
| Tangible fixed assets | 22/27 | €5,196,805 | €5,745,117 | +€548,312 | +10.6% |
| Land and buildings | 22 | €5,172,372 | €5,721,717 | +€549,346 | +10.6% |
| Furniture and vehicles | 24 | €1,034 | - | -€1,034 | |
| Other tangible fixed assets | 26 | €23,400 | €23,400 | = | 0.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €370,456 | €359,700 | -€10,757 | -2.9% |
| Stocks and contracts in progress | 3 | €265,360 | €265,360 | = | 0.0% |
| Stocks | 30/36 | €265,360 | €265,360 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €86,786 | €64,376 | -€22,410 | -25.8% |
| Trade receivables | 40 | €80,798 | €63,223 | -€17,575 | -21.8% |
| Other amounts receivable | 41 | €5,988 | €1,153 | -€4,835 | -80.7% |
| Cash at bank and in hand | 54/58 | €11,038 | €21,905 | +€10,867 | +98.4% |
| Deferred charges and accrued income | 490/1 | €7,272 | €8,058 | +€786 | +10.8% |
| Total equity and liabilities | 10/49 | €5,577,262 | €6,114,817 | +€537,555 | +9.6% |
| Equity | 10/15 | €611,130 | €719,410 | +€108,280 | +17.7% |
| Contributions | 10/11 | €1,306,200 | €1,306,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€696,930 | -€588,650 | +€108,280 | +15.5% |
| Amounts payable | 17/49 | €4,966,132 | €5,395,407 | +€429,276 | +8.6% |
| Amounts payable after more than one year | 17 | €1,079,038 | €1,209,070 | +€130,032 | +12.1% |
| Financial debts | 170/4 | €1,079,038 | €1,209,070 | +€130,032 | +12.1% |
| Amounts payable within one year | 42/48 | €3,887,093 | €4,186,337 | +€299,244 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €183,202 | €231,397 | +€48,194 | +26.3% |
| Trade debts | 44 | €24,688 | €61,864 | +€37,176 | +150.6% |
| Suppliers | 440/4 | €24,688 | €61,864 | +€37,176 | +150.6% |
| Taxes, remuneration and social security | 45 | €36,520 | €151,394 | +€114,874 | +314.5% |
| Taxes | 450/3 | €29,520 | €144,394 | +€114,874 | +389.1% |
| Remuneration and social security | 454/9 | €7,000 | €7,000 | = | 0.0% |
| Other amounts payable | 47/48 | €3,642,682 | €3,741,682 | +€99,000 | +2.7% |
| Remuneration, social security and pensions | 62 | -€594 | €83 | +€678 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €227,676 | €175,344 | -€52,333 | -23.0% |
| Other operating charges | 640/8 | €8,904 | €9,182 | +€279 | +3.1% |
| Gross operating margin | 9900 | €355,311 | €357,679 | +€2,368 | +0.7% |
| Operating profit (loss) | 9901 | €119,326 | €173,070 | +€53,744 | +45.0% |
| Financial charges | 65/66B | €78,259 | €64,790 | -€13,469 | -17.2% |
| Recurring financial charges | 65 | €78,259 | €64,790 | -€13,469 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €41,067 | €108,280 | +€67,213 | +163.7% |
| Profit (loss) for the period | 9904 | €41,067 | €108,280 | +€67,213 | +163.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,067 | €108,280 | +€67,213 | +163.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.